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US bank chief says consumers, businesses still in good shape NEW YORK: US consumers and businesses are still

in good stead despite concerns about an impending recession coupled with high inflation, some of the country's

top bankers told a conference on September 6. Bank of America Corp CEO Brian Moynihan, the nation's second-largest bank,

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 said all customers spent 10% more in August than the year before, with bank account balances higher for people

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than they were pre-pandemic. William Rogers, CEO of Truist Financial Corp. said one thing,

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on the commercial and corporate side, businesses have never been in better health than they were told. 

The balance sheets of companies are really very strong. The US Federal Reserve said it would continue to raise rates

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as it tries to contain inflation, fearing the central bank could cause a recession.

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American banks stand by rising interest rates, they can earn more income by charging interest from customers.

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 A rise in rates sends the economy into recession, reducing the profits of banks. Low unemployment,

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a strong housing market The revival of the entertainment industry in California reflects a solid economy there,

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said Kelly Coffey, CEO of Citi National Bank, a subsidiary of the Royal Bank of Canada. And M&T Bank CEO

Rene Jones also said the Covid-19 government stimulus combined with a strong job market is impacting consumer finance.

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If we look at our credit data, the delays and charge-offs are far below where they were in pre-pandemic,

US bank chief says consumers, businesses still in good shape

 it will take a very long time to get back to normal.